Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,134/mo
Lowest payment- Down payment
- $285,564
- Funds due
- $296,539
- Interest + MI left
- $33,482
- First ends
- May 2041
Assumption
Assumption + second
$2,925/mo
+$1,791/mo- Down payment
- $35,564
- Funds due
- $48,267
- Interest + MI left
- $428,253
- First ends
- May 2041
New loan
New conventional
$2,733/mo
+$1,599/mo- Down payment
- $35,564
- Funds due
- $44,860
- Interest + MI left
- $459,695
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $64,436 | $64,436 | $314,436 |
| Second mortgage | — | $250,000 | — |
| First P&I | $525.11 | $525.11 | $2,130.10 |
| Second P&I | — | $1,791.03 | — |
| Mortgage insurance | $68.89 | $68.89 | $62.89 |
| Taxes, insurance & HOA | $540.00 | $540.00 | $540.00 |
| Total housing payment | $1,134.00 | $2,925.03 | $2,732.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,564
Closing costs & prepaids$12,703
Usable credit−$0
Total buyer cash needed$48,267
Earnest money paid−$0
Remaining funds due$48,267
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$420.00
Initial HOA (3 months)$750.00
Prepaid interest, first (9 days)$80.24
Prepaid interest, second (9 days)$477.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing14 yr 5 moOf the original 30-year loan at 5.05%
Interest already paid$65,368Through Dec 2026
Assumption only · ends May 2041$33,482
Assumption + second · ends May 2041, second Jan 2057$428,253
New conventional · ends Jan 2057$459,695